1998 F355GTS 6-spd Price Opinion Needed

I'm considering purchasing a 1998 F355GTS. The car is Rosso Corsa/Tan with 10000 miles and is a three owner car. Interior is good with only console bubling. The leather seems good. The paint seems reasonable for the age. No options are present, so it's just a bare bones car.

The documentation on the car is a bit thin and looks like it has not had the 30K service. The car is 7 years old at this point and that service is definitely due. I'm going to get a PPI from a local Ferrari dealer but before I do, I want to determine if this car is worth persuing.

The latest issue of the Ferrari Market Letter is quoting 92500 for a GTS, which seems a bit high to me. This this is a median price that covers the gamut of all offered for sale and does not take into consideration maintenance. I'm thinking 80K max for a car with these specs.

Any other opionins?

 

The market letter takes into account average market prices. I would try to work a deal to include a service if a dealer has it. I would think anything around high eighties to ninety with a service.

 

With out service this is definately a high 70's car IMHO

 

Please take with a grain of salt folks who haven't bought a 355 recently. I just bought your exact car (well, obviously not the same one but you get the message). Anyway, mine is a red/black 6 speed 1998 GTS. I searched around a while. Bright red is easier to sell, harder to buy and thus commands a slight premium (slight in the sense that more buyers want it but of course these things aren't exactly affordable by just anybody). Anyway, I looked at every online ad I could find, searched the market letter, and did my own research. First, what is your date of manufacture? Mine was April 1998. You'll want a later 1998 car - you will want to avoid the "valve guide" issue. There is an assembly number inside the engine compartment - if it is past a certain 5 digit number (I don't have it on me at the moment) then you will have the better valve guides. That alone is worth more in my opinion as its one less issue to go on with the car.

Here's my research on prices. I bought my car in mid-March. I was not interested in a spider. Berlinettas and GTSs of that vintage - especially without the F1 transmission are hard to find. I heard quotes of something like 80% of the cars at that time were F1s. Anyway, the Orange County dealer had a 1997 car that had 9K miles - they initially asked $89K, came down to 85, and then when one deal fell through they lowered to 82.5. I was tempted but wanted a 1998 (per the valve guide). I then found my car - through a series of email exchanges and the owner posted something on this news group! Bottom line is that the asking price from the dealer would have been $94K but because of a few issues I was able to get it for $87K (13K miles). I know someone else who bought a 1998 red/tan car just before me and paid $90K (but his was F1 - otherwise same as mine).

Here's the thing though - all of these cars had had the 30K service recently (within the last 6 months). Almost all sellers realize that not only is this a selling point but its almost required (by time if not by mileage). So, clearly, this person wants to get away with the expense. Depending on where you live and what needs to be done to the car, it could add as little as $5K to $10K or more to get that service done. Don't buy the car without it - just ask get the seller to realize you are serious about the car and have them do the 30K and you can get a PPI at the same time by the same place if you like. If they won't do it, then I would say you should offer at most $80K (which means its basically a $90K car). But, again, you must get a PPI.

It seems to me that a lot of sellers think that they can ask the same for a non-30K car as a 30K car. Sure, there are some suckers out there but I'd bet they are few/far between now that most people can become educated with the Internet. If the car hasn't been on the market long the seller may want to wait for such a sucker. If it has been on the market long, then the seller is just plain stupid (or really not that motivated). Also, beware - don't get hooked up on one car. I took about 4 weeks to find a car. I've heard of people taking 6 months. If you aren't picky about color, that certainly helps. But, if you want a good car, you need to be willing to travel to go see it and then pay to have it transported. In the long run, it should be worth it.

Good luck,

Scott

 

Scott,

I've got the Assm# and it's less than the one listed here in the chat thread. So, this means it could have the valve guide issue. The seller did a compression and leakdown test and I verified that with FoW. The #'s look acceptable/good. I'm going to get a thorough PPI if I decide to bit the bullet.

Tell me about it. They are hard to find. A good one within the small pool is even harder to find. I may be willing to "settle" for a spider.

The car has been on the market a couple of weeks. I didn't understand what some folks on the board were complaining about with respect to owners egos and their failure to be realistic about the condition of their car. I have a 20/20 picture of that now, though.

I've been looking for 6 months and I am prepared to wait to get the right car.

Thanks for the pricing info. This will be very helpful in assessing the real market pricing for these cars.

Regards,

 

the ferrari market letter average prices are asking prices...these dont mean a thing!!!!i bought my 355 for 27k under the asking price and my 360 spider for 40k under the asking price...both these from a f car dealer.....some of cars on dupont and fml have been there for ages and the sellers are hoping some sucker pays above the thru market price for one....call several dealers and wholesellers and ask them what they pay a 98 with the same specs on trade in...if you have dealer friend in the exotic business, this of course helps....add 5 to 10 profit for the dealer and you have a good estimate of the retail on the car.....

 

HI
I AM ALSO LOOKING FOR A BERLINETTA 355/97/98/
IN FLORIDA THE PRICES ARE A LOT LESS
FROM $62-79,000.
I WOULD LIKE TO PAY AROUND $55,000 PLUS SERVICE,HOLD ON....
THEY ARE NOT SELLING THEM RIGHT NOW,
EVERY BODY IS PUTTING THEIR MONEY IN REAL ESTATE
NOT BUYING EXOTIC CARS....
JUST LEFT A LOW OFFER WITH THE DEALERS...THATS HOW I GET
SOME OF THE PRICES DOWN,BUT NOT LOW ENOUGH...
STILL TRYING,WHERE ARE YOU LOCATED,
CHECK...CARS.COM.....AUTOTRADER.COM...
THANKS
MARK
FT.LAUDERDALE FLORIDA
(954) 551-8168